Tuesday, January 21, 2014

Secrets for Successful Year-End Reporting

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Accurate year-end reporting to the SSA and IRS is crucial for maintaining compliance, though this isn't always as easy as it sounds. It is a payroll specialist's job to ask questions and seek out all taxable benefits and other income provided to employees.

The three best places to start uncovering these hidden costs are your organization's accounts payable, human resources, and finance departments. Things such as taxable employee prizes and executive perks can get overlooked throughout the tax year but must be accounted for in year-end reporting.

Ask questions frequently and don't be caught unaware this year!